Not surprisingly the Pound is out of favor in the wake of a deterioration of global macroeconomic views.At the root of the downside in global sentiment is slack Chinese export data, which in turn has prompted ideasthat China overbought commodities for its manufacturing machine. As we suggested last week the Pound waspriced for economic perfection and the negative tilt from China, saber rattling in the Ukraine and a firmer Dollarleaves the Pound vulnerable to a quick return back to consolidation lows down at 1.6615.
